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IHI Corporation Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary6 Nov, 2025
Executive summary
Orders reached ¥893.4 billion, a record high for the second quarter, driven by strong demand in nuclear energy, defense, and civil aero engines, despite global economic uncertainty and ongoing business portfolio reforms.
Revenue was ¥713.6 billion, down 5.8% year-over-year, and operating profit was ¥69.4 billion, down 10.1%, due to project timing, business transfers, and cost rebounds.
Net income hit a record ¥55.9 billion, up 42.2% year-over-year, supported by FX revaluation, improved equity-asset investment gains, and lower tax expenses.
Structural reforms are nearing completion, with a focus on reallocating resources to growth businesses such as civil and defense aero engines and nuclear energy.
Major business portfolio reforms included the transfer and integration of several subsidiaries and business units, including bridge and water gate businesses.
Financial highlights
Orders revised up by ¥60 billion to ¥1.85 trillion for FY2025; revenue revised down by ¥10 billion to ¥1.64 trillion.
Operating profit revised up by ¥10 billion to ¥160 billion; net income revised up by ¥5 billion to ¥125 billion.
Operating margin is projected at 9.8%, and EBITDA is expected to hit a record ¥230.0 billion.
Operating cash flow decreased significantly, mainly due to increased tax payments and powder metallurgy expenditures; cash flow from operating activities is forecast at ¥100.0 billion.
Equity attributable to owners improved to 23.1% due to net income accumulation.
Outlook and guidance
FY2025 is expected to achieve record highs in orders, revenue, operating profit, and net income, with revenue at ¥1,850.0 billion and operating profit at ¥160.0 billion.
Upward revisions in operating profit and net income are driven by strong civil aero engine business, defense, and favorable FX.
Management targets accelerated growth in nuclear energy and aero engine segments, aiming for ¥100 billion and over ¥1 trillion in revenue respectively by early 2030s.
Assumes FX rate of ¥140/USD for the remainder of the year.
Detail operating cash flow drivers for the period
Rationale for JMU equity interest transfer?
How is IHI addressing civil aero engine demand?
Overseas CS business recovery timeline
Nuclear energy JPY100B revenue plan
Operating cash flow improvement strategy
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Next IHI Corporation earnings date
Q3 20266 Feb, 2026
Next IHI Corporation earnings date
Q3 20266 Feb, 2026
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Frequently asked questions
IHI Corporation is a heavy-industry manufacturer. The company operates in several core areas including Resources, Energy and Environment; Social Infrastructure; Industrial Systems and General-purpose Machinery; and Aero Engine, Space and Defense. IHI is known for its diverse range of products and services such as energy systems, process plants, gas turbines, and the development, manufacturing, and maintenance of aero engines in collaboration with industry giants like GE Aviation, Pratt & Whitney, and Rolls-Royce Holdings. Additionally, IHI has made significant contributions to shipbuilding, a foundational aspect of its history, and continues to be involved in the production of ships through its shareholding in Japan Marine United Corporation. IHI's expertise extends to designing and constructing steel structures, including bridges and watergates. The company is headquartered in Koto-ku, Tokyo, and its shares are listed on the Tokyo Stock Exchange.
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